HMRC repaid £198m in overpaid tax on flexible pension withdrawals in 2023/24, with £42m in Q1.

HMRC repaid a record £198m on flexible pension withdrawals in the 2023/24 tax year, with £42m of this repaid in Q1. Over £1.2bn has been repaid in overpaid tax on flexible pension withdrawals. Pension tax expert John Chew suggests a £100 trick to prevent HMRC from mistakenly taking money: ensure your emergency tax code is correct and aligned with your total income to avoid overpayment.

April 26, 2024
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